The bank suffered many losses due to New York City real estate devaluation in the 1980s and during the previous year had lost $92.3 million. They have three grown children: Gregory, Leslie and Rebecca. "Whenever we had a problem with one of the units, Parsons was always the guy who would solve it," former co-chairman of Warner Brothers Robert Daly explained to Business Week. After taking on the job of chairman and chief executive officer (CEO) of the Dime in 1990, Parsons continued to set the bank on its comeback course. With the bank on solid ground, Parsons set his sights on a new enterprise. Nationality: American. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 With a calm, cool-headed resolve, he doggedly tackled the problems that lay ahead. He serves on the board of several cultural institutions, including the Museum of Modern Art and Lincoln Center. Mayor Giuliani later asked Parsons to become his Deputy mayor for Economic Development. His maternal grandfather had been head groundskeeper at the John D. Rockefeller estate, Kykuit. From March 1975 to January 1976, Parsons was assisted in his duties by Lyn May, who had worked for Geoffrey Shepard. Notable Black American Men, Book II. After graduation, he attended college at the University of Hawaii, where he excelled both academically and socially; Parsons was a varsity basketball player and the social chairman of his fraternity. There are a number of other black executives who have elevated positions in corporate America, said Parsons in Black Enterprise. O de wurl aint flat,An de wurl aint roun,Hits one long stripHangin up an downJes Souf an Norf;Jes Norf an Souf. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. Restrictions: Contact your local office for all commercial or promotional uses. Some top officials at the bank questioned his appointment, both because of his lack of experience in the banking industry and his previous work in government that made him likely to leave the company for the political arena. The bank had suffered a series of losses due to the drastic devaluation of New York City real estate in the late 1980s, and during the previous year it had lost $92.3 million. But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. Just before Parsons officially took over from Levin in May of 2002, the company posted a quarterly loss of $54 billion, the largest in U.S. history. In 1977, Parsons returned to New York and became a partner after only two years at the Patterson Belknap Webb & Tyler law firm; also working at the firm was Giuliani. Rockefellers influence on Parsons remained strong and prompted him to become a Republican whose views were liberal on social issues and conservative on economic ones. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. "He is a persuader, not a dictator," a former colleague told CNET News.com. I like to be with the troops.. So, in 1976, when President Ford lost his re-election bid to Jimmy Carter (1924), Parsons did not lack for opportunities. Parsons was left in control of a bank that was apparently dying. April 21, 2021 11:45 am ET. Business executive Richard Parsons has been called a teddy bear, a master diplomat, and a charmer, but perhaps the best description that has been applied to him is "friendly giant." His 43 . Parsons became chairman emeritus of the Partnership for New York City,[19] established by David Rockefeller in 1979,[20] who has known him for many years. After four years, he discovered that he could get into a law school in New York if he scored well enough on his pre-law exams. They have three grown children: Gregory, Leslie, and Rebecca. . Education: Graduated from University of Hawaii, 1968; Union University, University of Albany Law School, J.D., 1971. "It's a collaboration," he told Anthony Bianco and Tom Lowry of Business Week. Skeptics also wondered how Parsons would fare in his new job considering the bank was facing financial ruin. Decker, Ed. The world's most influential media company, however, was struggling. Although she never cared to think in these terms, Jane Bolin would often have her name followed with the descriptive, "first black wo, John Vliet Lindsay Contemporary Black Biography. He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. Parsons also had to deal with an onslaught of unhappy regulators. Parsons chose to support Rudolph Giuliani in the New York City mayoral race instead of Democrat black mayor David Dinkins. In the early 1990s he became president of Time Warner Inc., making him one of the most highly ranked African Americans in the corporate United States. Mehta, Stephanie. I dont do anything differently than I would otherwise because I have that responsibility to my family, he told the New York Times in 1994. ." Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. . In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. Certain corporations come to bear the impress of a sin, 19082007 He also expanded his web of connections, taking on such high-profile clients as Happy Rockefeller (1926), the widow of Nelson Rockefeller, and cosmetics giant Este Lauder. He became an advisory trustee of the family's principal philanthropy, the Rockefeller Brothers Fund, and he sits with David Rockefeller on the board of the World Trade Center Memorial Foundation. Parsons credits his father with teaching him to concentrate on achievement rather than dwell on race. Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. In 2006, Parsons was selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. CNET News.com (April 3, 2002) http://news.com.com/2009-1023-873910.html (accessed on July 29, 2004). Encyclopedia.com. George and Laura welcomed their twin daughters, Jenna Bush Hager and Barbara Bush, on November 25, 1981. DETAILS. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. Most online reference entries and articles do not have page numbers. Levin, however, felt that Parsons was the right man for the job, and some business insiders were not that surprised. Henry Louis Gates Jr. New York: Oxford University Press, 2004. 11. Cite this article Pick a style below, and copy the text for your bibliography. Among the qualities that makes Parsons as successful as he is, said Brooks, are "his focus, his ability to analyze the facts and get to the bottom line, and his ability to motivate an. Parsons and his wife Laura own a vineyard in Montalcino, Italy. In Contemporary Black Biography. New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. [27][28][29] Being of Liberian ethnicity, Cooper founded the MacDella Cooper Foundation in 2004 to help orphans and abandoned children in Liberia following the Second Liberian Civil War. Assets: $47.4 billion "Parsons, Richard In a Black Enterprise article, Fonda Marie Lloyd and Mark Lowery stated that "colleagues say Parsons' management style helped smooth painful layoffs (two thousand of the four thousand employees) that he had to make." ." [27], In 2015, Parsons was diagnosed with multiple myeloma, a rare form of blood cancer. . He joined the foundation's board of trustees in 2008. Encyclopedia.com. Although Richard Dean Parsons regularly makes Fortune magazine's annual list of the most powerful people in business, and he is considered to be one of the most respected African American executives in the country, he came from an average working-class background. Facebook gives people the power to. Eds. He joined the foundation's Board of Trustees in 2008. It's like height. [14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. He graduated number one in his class of more than 100 students at the age of 23, then received the highest marks among 3,600 lawyers who. In 2007, he became the chairman of the board of directors of the Jazz Foundation of America. Encyclopedia.com. ." The position placed him second in command over the entire Time Warner holdings in magazine and book publishing, music, film entertainment, theme parks, and cable television. He also met a young Rudolph W. Giuliani, with whom he supported in his campaign for New York mayor and heading his transitional council. Parsons was accepted by Albany Law School of Union University, New York, earning a Juris Doctor in 1971, finishing at the top of his class. Parsons' responsibilities at Time Warner included corporate finance and legal affairs activities and membership on the board of directors as well as the boards of TriStar Pictures and the Cable Group, American Television, and Communication (now Time Warner Cable). In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. In mid-2003, he sold off parts of the company that were considered to be noncore assets, including the sports teams, the Atlanta Hawks and Atlanta Thrashers. He also earned staff respect at Dime with his fair treatment of personnel. degree from Union University's Albany Law School in 1971. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. According to an article in Black Enterprise, Parsons feels that the Democrats believe in taking from one group to give to another one, while the Rockefeller Republicans espouse a policy of equipping a group with skills so that they can achieve what they need on their own. Though he went into remission after Stem-cell therapy, complications in 2018 caused him to step down from his role as Interim Chairman of the Board of CBS. When Parsons was named chief executive officer (CEO) in 2002 and chairman in 2003, he became one of the most powerful executives in the United States, but he also inherited a mountain of problems. [7] After four years, he was seven credits short of his diploma. He played varsity basketball there, and was also the social chairman of his fraternity. Parsons, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. Some considered the Parsons appointment at Time Warner to be a significant achievement for black executives, one that helps pave the way for them to enter the highest positions in business. Member of the board of directors of Dime Savings Bank, Federal National Mortgage Association, Philip Morris Companies, Time Warner Inc., New York Zoological Society, and American Television & Communications Inc.; trustee of Rockefeller Brothers Fund, Howard University, and Metropolitan Museum of Art. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. I know the bank is in good hands., Some considered the Parsons appointment at Time Warner to be a significant achievement for black executives, one that helps pave the way for them to enter the highest positions in business. He played varsity basketball there, and was also the social chairman of his fraternity. Parsons, who owns a home on Block Island, is a child psychologist. 2008 redeem team starting 5; who is sarah davis married to; He received a juris doctorate from the Union University, University of Albany Law School in 1971. UXL Newsmakers. Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. Never. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. Laura Lane Welch Bush (ne Welch; born November 4, 1946) is an American teacher, librarian, memoirist and author who was First Lady of the United States from 2001 to 2009. Though he went into remission after Stem-cell therapy, complications in 2018 caused him to step down from his role as Interim Chairman of the Board of CBS. NEW YORK, NY - FEBRUARY 18: Laura Bush Parsons and Richard Parsons attend Apollo Club Harlem at The Apollo Theater on February 18, 2013 in New York City. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. Join Facebook to connect with Laura Parsons and others you may know. (February 23, 2023). [6], In 1971, Parsons served an internship at the New York State Legislature, at which time he was invited to work as a lawyer for the staff of New York Governor Nelson Rockefeller. His tactics paid off, and in just a few years, Parsons had reduced the amount of the Dime's bad debts from $1 billion to $335 million. Black Enterprise, 25 (October 1994): 69-76. Just when he seemed poised to become the first black to head a major law firm, shock waves rippled through the New York corporate world in 1988 when Parsons was appointed chief operating officer of the Dime by chairman and CEO Harry Albright, Jr. Before being offered the position, Parsons had never even considered entering the banking business. Powers, New York Citys First Deputy Mayor at the time, complemented Parsonss leadership skills in the New York Times, noting that Parsons really knows how to bring people together and find common ground. When departing Deputy Attorney General Harold R. Tyler, Jr., became a partner at a well-established New York City law firm in 1977, he asked Parsons to come on board. "Can Dick Parsons Rescue AOL Time Warner?" In the early 1990s he became president of Time Warner Inc., making him one of the most highly ranked African Americans in the corporate United States. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. Credit: Shahar Azran / Contributor. Smith, Jessie Carney, ed. Farmington Hills, Mich.: Thomson Gale, 2003. He graduated at the age of twenty-three, number one of more than 100 students and received the highest score among 3,600 lawyers in 1971 who took the state bar exam. Notable Black American Men, Book II. In fact, in 1995 he was key in orchestrating the successful merger between the Dime and Anchor Savings Bank. Bl, B3. Decker, Ed "Parsons, Richard Dean 1948 Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. After New Mexico Governor Bill Richardson withdrew his name from consideration for the position of Secretary of Commerce in the Obama Administration, Parsons's name was floated as a possible nominee. He graduated high school at the age of 16, then devoted much of his attention to sports as a student at the University of Hawaii. Cohen, Adam. He ruminates for some time before addressing the. [26], In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. This opportunity with Time Warner is a once in a lifetime one. To the rest of the world, they are former President George W. Bush and former first lady Laura Bush, but to Jenna Bush Hager's children . [22] Parsons, however, repeatedly denied the reports,[23] supported Mayor Bloomberg's efforts to repeal the term limits law, and supported Bloomberg for a third term in office. from Ariel Williams Holloway, Northboun' , 1926, NORTHBOUND' by Ariel Williams Holloway, Street Team INNW, St. Paul, The Tullahassee Mission, and School Opens, An Act for The Gradual Abolition Of Slavery is Passed, Steven Barnes, Science Fiction Writer born, St. Phillips College, (Texas) Begins Classes, Joseph Brant, Slave Owner, and Military Officer born, Americas Articles of Confederation Are Enacted, Court Rules to Desegregate Education in California, Harry Belafonte, Entertainer, and Activist born, The State of Pennsylvania Abolishes Slavery. Born April 4, 1948 in Brooklyn, NY; son of Lorenzo tocklair (an airline technician) and Isabelle (a homemaker; maiden name, Judd) Parsons; married Laura Ann Bush, August 30, 1968; children: Gregory, Leslie, Rebecca Education: Graduated from University of Hawaii, 1968; Union University, University of Albany Law School J.D., 1971. As Parsons said in the New York Times in 1994, becoming a part of that Rockefeller entourage created for me a group of people whove looked out for me ever since. Parsons own concern for the underprivileged has been clearly shown by his work as chairman of the Wildcat Service Corporation, which has provided on-the-job instruction for people whose previous crimes, drug addiction, or poverty have made it difficult to find work. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. The position placed him second in command over the entire Time Warner holdings in magazine and book publishing, music, film entertainment, theme parks, and cable television. Assistance League Of Chicagoland West: December 2013 alcw95.blogspot.com. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). Birthplace: Brooklyn, NY Gender: Male Race or Ethnicity: Black Sexual orientation: Straight Occupation: Business Nationality: United States Executive summary: CEO of Time Warner, 2002-07 Wife: Laura Bush Parsons (three children) Mistress: MacDella Cooper (model, one daughter) Daughter: Ella (b. Aug-2008 with Cooper) B1, B3. He is chairman of the Advisory Board of Feigen Advisors, a CEO advisory firm. Stock Index: New York University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. Dl, D6. 1946 Still, when Levin announced, in late 2001, that Ed. "Richard D. Parsons Named New CEO of AOL Time Warner." in history from the University of Hawaii in 1968. Many, however, questioned the appointment since Parsons had no real experience in the banking industry. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. The Economicst (April 19, 2003). In Washington, the young lawyer also worked directly with President Gerald Ford (1913), first as general counsel and then as an associate director of the domestic council. Parsons dealt with unhappy regulators. Errol Garner and Miles Davis are his favorite musicians. Parsons lost no time in putting his years of Washington deal-making into action. The biggest boost came from the film division, which had experienced an enormous success because of the Harry Potter and The Lord of the Rings series. Detroit, Mich.: Gale Research, 1996. on August 30, 1968. In 2001, President George W. 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